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US-Based Armanino Audits Nexo, Gives Stamp of Approval

US-Based Armanino Audits Nexo, Gives Stamp of Approval News
  • Top accounting and business consulting firm Armanino audits Nexo.
  • The total customer liabilities for Nexo is $9,511,609,296.
  • Armanino confirms that Nexo’s assets exceed their liabilities.

Fiat and crypto lending platform Nexo recently passed an audit from one of the top accounting and business firms in the US, Armanino. According to Armanino’s audit results, Nexo’s assets exceed their customer liabilities which is around $9,511,609,296 as of September 24, 2021.

Armanino provides attestations over assets and liabilities. Some of Armanino’s most notable clients are Kraken, Uber, and DoorDash. Now, it offers a real-time audit of the custodial assets of Nexo. It shows that the company’s assets always exceed its liabilities.

Antoni Trenchev, Co-founder and Managing Partner of Nexo shared his thoughts,

In the long run, the companies that provide their customers the necessary transparency, security and peace of mind, will win.

Trenchev added that as regulatory interest increases in the cryptocurrency industry, Nexo is committed to setting the bar high. This is their attempt to prove to their clients and investors that the assets they entrusted to Nexo are indeed in good hands.

Additionally, Trenchev challenged other lenders and crypto leaders to follow their lead. The implications for Nexo’s real-time attestation are that the assets are fully backed, properly managed, and always available.

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Ezra Reguerra is the Senior Editor for CoinQuora. He works in the editorial aspects of the publication. His tasks include writing, overseeing the content team, setting goals, and approving content.